The value of the contract is estimated at Rs23bn ($468.6m).
Under the terms of the contract, the firm will supply three 800MW supercritical steam turbine and generator island packages for the project.
Delivery of the equipment is expected to start in 2013.
Japan-based Toshiba Keihin Product Operations will also supply some components for the project.
Toshiba Group has delivered 65 supercritical steam turbines and generators units in Japan and 18 units overseas.
Toshiba JSW JV is a 75:25 joint venture between Japan-based Toshiba Corporation and India-based conglomerate JSW Group.
